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House prices… buy now or wait it out?

hooja · 2022-10-16T14:18:09Z

As always, the wealth of knowledge on here is always worth tapping up! I apologise now, as I’m in a fortunate position and I know how hard the coming interest rate rises are going to be for many. We sold our house at the absolute peak and live in an area that saw crazy price rises. We hadn’t found anywhere but we’re not too bothered. We are in temporary accomodation and still haven’t found anywhere! We are in a fortunate place, that we should now be able to buy mortgage free, or at worst a small mortgage. Question is… should we just resign ourselves to a few months renting and wait it out for the price drops to become a reality, who really knows what’s going to happen?

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SSS

Posts: 730

Free Member

Head on over to HousePriceCrash to see guys who've been waiting decades for house prices to drop.....

As others have said, life is too short, if youve got the cash in the bank to buy a house (presumably your forever house) just do it. Use the cash constructively and save on rent. If youve got the cash, who cares what the mortgage rates are.

Right now inflation is eating away at your savings, and interest rates are a fraction of the inflation rate.

I hope in the meantime youve got it spread out over many banks below the FSCS compensation limit of £85k in case a bank goes bust in the meantime. Also hope there isnt a bank 'bail in' in the meatnime.

Summary, TL:DR - JFDI.

Posted : 18/10/2022 3:58 pm

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